Correlation Between Franklin Floating and Uniphar Group
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By analyzing existing cross correlation between Franklin Floating Rate and Uniphar Group PLC, you can compare the effects of market volatilities on Franklin Floating and Uniphar Group and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Franklin Floating with a short position of Uniphar Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Franklin Floating and Uniphar Group.
Diversification Opportunities for Franklin Floating and Uniphar Group
-0.82 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Franklin and Uniphar is -0.82. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Floating Rate and Uniphar Group PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Uniphar Group PLC and Franklin Floating is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Franklin Floating Rate are associated (or correlated) with Uniphar Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Uniphar Group PLC has no effect on the direction of Franklin Floating i.e., Franklin Floating and Uniphar Group go up and down completely randomly.
Pair Corralation between Franklin Floating and Uniphar Group
Assuming the 90 days trading horizon Franklin Floating Rate is expected to generate 0.05 times more return on investment than Uniphar Group. However, Franklin Floating Rate is 19.08 times less risky than Uniphar Group. It trades about 0.36 of its potential returns per unit of risk. Uniphar Group PLC is currently generating about -0.1 per unit of risk. If you would invest 1,826 in Franklin Floating Rate on August 30, 2024 and sell it today you would earn a total of 13.00 from holding Franklin Floating Rate or generate 0.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Franklin Floating Rate vs. Uniphar Group PLC
Performance |
| Timeline |
| Franklin Floating Rate |
| Uniphar Group PLC |
Franklin Floating and Uniphar Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Franklin Floating and Uniphar Group
The main advantage of trading using opposite Franklin Floating and Uniphar Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Franklin Floating position performs unexpectedly, Uniphar Group can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Uniphar Group will offset losses from the drop in Uniphar Group's long position.| Franklin Floating vs. KLP AksjeNorge Indeks | Franklin Floating vs. Storebrand Global Solutions | Franklin Floating vs. Nordea 1 | Franklin Floating vs. Nordnet One Forsiktig |
| Uniphar Group vs. Dalata Hotel Group | Uniphar Group vs. Kingspan Group plc | Uniphar Group vs. AIB Group PLC | Uniphar Group vs. Glanbia PLC |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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